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tv   Closing Bell With Maria Bartiromo  CNBC  July 24, 2012 4:00pm-5:00pm EDT

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huge beneficiary. >> okay, wrapping it up here, the belle is ringing again. the dow looked like a triple digit decline, but apple's numbers are on deck and we'll take you through the immediate action right now. it is 4:00 on wall street, do you know where your money it. it was a tough day on wall street, but it could have been a lot tougher. the market cutting the losses in half by the close tonight. staging a late-day come back on reports that the federal reserve is moving closer to action in terms of new stimulus to spur growth. the dow had been down just over under 200 points. copping up, how do you want to be invested and how will the fed act next. and will we see another blowout number from apple? coverage of the results coming up on "closing bell."
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the market at it's lows down almost 200 points today. the federal reserve believes that if growth does not pick up soon, the federal reserve will act in terms of providing more stimtlous this market. almost immediately the market reverses course, starts seeing a good rally, cutting the losses in half. financials the big beneficiary. that's where we saw a number of moves on the upside here reversing course at the end of the day. the do you down 103 points. the nasdaq down about 1% at 2862, and the s&p 500 tonight at 1338. it was those reports that the federal reserve is moving closer to act that lifted markets. we bring in strategy talk right now with david cudlan, david
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steinberg, and keith wertz. how important is new stimulus from the federal reserve right now? >> the market has been waiting for this announcement for a couple months now. the gdp being released -- i think the market is preparing the fed is preparing the markets for action on the horizon. >> why do that? why come out and say if growth doesn't pick up we'll be there soon. >> i think they wanting to take action. it's ironic, if you think about the last 20 years, it's been rare. it's been taboo for the fed to take action. things seem to be difference. i think the fed really wants to take action and not being criticized. they're getting the market psychological for action. >> let's get to steve leisman, he has more details on what fed is saying here, saying if brout
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doesn't pick up, they're going to be there. >> there's not a whole lot of new information in it when i think about what's been said on air for the last several weeks and when i read this report. but what the story says, and let's be careful, it says the fed might act on august 1st, and it might act in september. that is what's been baked into the market depending on what economic data says and what we have been saying is keying any action to, especially, the july employment report in the fist week of august. the jobless claims will be following. and i have been picking up that the fed would like to see more data so that september is more of an odds on bet for the federal reserve rather than this
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next meeting coming up. >> we'll be watching that. steve stay here, let's bring in david kudlah, let me ask you this, let's say the federal reserve acts, provides more stimulus, continues the bond buying program, do i change my exposure to the market. do i want to make any adjustments for how to be invested in this market with more fed action. >> we know when we get quantitative easing it's a boost to asset pricing especially stocks. it's questionable when that will come, but when we have gotten more quantitative easing prices have inflated. you need to factor that in knowing the impact it will have on asset prices. from a political standpoint, we think they need to act earlier rather than later, so that might be why they're telegraphing a move as early as next week. and they come sooner rather than
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later in cement. >>. >> can i push back? if the fed is telegraphing something through the wall street journal, it's not definitive in seeing the fed likely to act august 1st. >> why give out these days? it seems odd to me they're we're getting so specific here. i know this is a new federal reserve with the transparency and the press conferences, but august 1st or september, why give any indication on this. >> the fed does not like -- no federal reserve liked since greenspan surprised the markets. it likes to lay the ground work and prepare the market for ax if if you listen even half intendly to bernanke's testimony last week, you heard that he is
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prepared to move if the economy shows additional weakness and if the job market were to prove it's really weakening and not seasonal aberrations. he has been telegraphing action with job's data. >> david, it's interesting that we're back on the fed, can the u.s. market really move forward in a sustained way without a european resolutions? >> no, i don't think it can. the fear is too great. you will have to let the fire of fear -- or the fever of fear rest. and the federal reserve can't allow any kind of slow down in momentum, and neither can the european central bank. so the markets will have to sort out the pricing level where it's basically discounted. a slow global economy or break up with the euro or what have you. so i don't think it's a matter of if, it's just when are they
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going to print more money and more stimulus. >> apparently. absolutely. we'll leave it there. thanks, everybody. we want to get to courtney reagan here, we're waiting for apple. they be out soon. we'll bring you the numbers and tell you how the stock trades -- netflix is out let's get to julia on the netflix numbers. >> thanks maria, it's coming in right in line with expectations. $889 million in revenue. earnings per share coming in at 11 cents. wall street was expecting 5 cents a share. the company has returned to profit ability after being in the red last quarter, but there are a couple questions. the company says the olympicss are expected to have a negative
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impact on them in the q 3, and people are focussing on the domestic subscriptions for net stre streaming. they were giving guidance between 200 and 800,000 new subscribers. so this is above the midpoint of the range, but not as high as many hoped. people were hoping that the numbers would be closer to 800,000. >> thank you so much, the dow posting triple digit losses today, the third straight day, but it could have been so much worse if not for the federal reserve headlines. the fed saying if growth suz not pick up soap, they will move on action. over to you, court. >> we really saw losses accelerate after the european stock market closed, something different than what we have
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seen. despite what's going on domesticly, we cannot get out ahead of this european tstory. we have the spanish ten-year above 7.5% again today. that's certainly not good. we have the ten-year treasury yields closing at record lows. there's still a lot of worry in the market despite what fed may or may not do. still closing down triple digits for the third day in a row. if you look the materials joining, financials, energy, and technology and correction territory for 2012, watch the industrials getting close as far as the sectors are concerned. if you look at the dow, all of those components negative but one, walmart, they put out a press release that oppose that swipe fee settlement, that $7
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billion settlement with companies like vee sha and master card saying it will not change or help consumers. walmart steadily declining for the day buff the only one to close higher. >> don't go away, we have a lot ahead on this edition of "closing bell." apple earnings on deck, and we have instand analysis and investor reaction. plus, congress is getting set to discuss how to spend your dax dollars in the next fiscal year. somebody here says unless lawmakers get along and control run away spending we will bankrupt america. it's all ahead on "closing bell."
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welcome back we have a market flash right now, panerabred in the spotlight. >> yes, we're going to talk about two food providers, panera, the stock popping to the upside. they're q 3 eps guidance was below consensus, but the full year is well above that. up about 6%, but then look at
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buffalo wild wings. this is a throw the kitchen sink in report. i don't know if we have bwld or not, but it is down about 14 pl% plus. >> jack albon says get used to these losses, but we're one headline away from disaster. also joining me is lee munson that says there is money to be made, you just have no know where to look. i don't know about you, lee, but with the federal reserve saying look, fed officials will have action if it does not pick up, you have to expect a rally here in the next couple weeks, they're telling you we'll act next week.
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>> a month ago we were very concerned. even i was concerned about the lousy unemployment numbers. and before the announcement the rimd fed manufacturing survey stunk and there no silver lining. we always new they would come in with half a trillion or more of money printing and bond buying. so it was just what i needed. i love it. i'm holding some of my corporate bonds. >> why are you so bearish? >> i think the euro zone is one headline away from disaster. it's a heads you lose, tails you lose scenario for germany. they either hold together and pay dearly for it, we calculated 300% of gdp to hold it together, or they let it go and have to
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bail out their banks and essentially a disastrous level of debt. either case it's not a great scenario. the best case situation is they continue to kick the fan for another couple years. either case it doesn't seem like there are that many avenues for that pathway of the euro. >> but does the fed clear away some of that. we got the news today that the fed is saying that the -- federal reserve officials saying they will see action if growth does not pick up soon. moving closer to action to spur growth. reporting bond buying, rate guidance, fed could make key decisions next week or in september. this coming about ten minutes to 4:00 turning the market around cutting the losses from almost 200 to 104. does this change the scenario you're putting forth, jack? >> there's three levels, three
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ways to address the problem. there's rhetoric and we have heard a lot of rhetoric. they triple their balance sheet, and then there is policy action and we have seen little or none out of europe and the united states. eventually capital markets will get tired of the monetary policy as we have seen in europe, and the fed action will not work anymore. we have bernanke and -- >> we have a lot of mitigating stuff. we have china and i think you have to remember they spent the last 12 months being the sad sack talking about china isn't growing, but it's coming off it's base right now and i think we can't just say that europe will be the only thing and there is a single headline that will take us down. we're off the bottom, metals are 30% off last year's high. we have a yield curve in china,
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and hong kong stocks are cheaper. >> thank you, gentleman, we'll keep watching this important story. thank you lee munson we appreciate your insights and jack adler. we're counting down to apple's numbers. the news could drive the market tomorrow, don't miss it. also, mitt romney is knot the only u.s. political figure with money stashed overseas. we have a revealing story next, and entitlement spending run amuck. how bad it is and how soon it how bad it is and how soon it could bankrupt america. for amber waves of grain, for purple mountains majesty, above the fruited plain, america, america, god shed his grace on thee, and crowned thy good, with brotherhood...
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rewarding you, every step of the way. welcome back welcome more now on those headlines that moved the market at the end of the day today. the federal reserve is moving closer to stimulus. let me kick this off with ron, yesterday on this program this is exactly what you said, that the federal reserve could come out and be there in terms of action. they said next week or september. >> my best is next week. steve has been saying this for a long time as we. far too many people have been misreading that ben bernanke has been saying. ben bernanke stated that in
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june, they said they could move when they felt appropriate, and he also, in testimony before congress, outlined the various steps the fed could take include l unlimited bond buying. reducing excess reserves. they would be take the date certain off of when they plan to end the program. this has been telegraphed to me, and i think it was all on the timing. i thought next week, steve thought next september. >> and this is not knew, every meeting they say if things don't turn around we will be there we will be there, and once again here we have a market we acting to any headline out of the fed. i was struck by being so specific. we can do it next week or in september. why be so specific. you have to believe the market will rally now given the fact
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this could happen next week. >> i'm not sure. i really feel like -- and this is a nuanced debate maybe ron and i should have offline, is how much fed action is baked into the market. and by the way as a fed reporter, you're always trying to figure out what is knew here, what market doesn't know, what they haven't internalized. the headline was fed officials seek action if growth does not appear. i did several stories last week that said the be question for the market is does the fed act in august or september? if it's september, it's not baked in because of additional data the fed wants to see. i cannot read this story and come away with information on critical information if it's an
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august move or september move. there is no new information in there. >> are they getting their information out? >> maybe john writing what is a perfectly legitimate story about what's going on with the fed and summing up what's happening with the fed the last couple weeks. >> next week or in september? i mean -- >> the it was a late relate, ten minutes before the close, to me, and listen, steve and i agree i would say 99.9% of the time. i think in a certain sense this represents a decision on the fed to move earlier rather than later. john could have just been doing this in the weekly reporting. i'm struck by the time it was released. i always thought they were coming in august, i think it will be bigger and more than what most people expect. >> i want your take on the
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political fallout, can they really wait until september or will they be viewed as political ahead of the election in november? wouldn't they want to do it sooner rather than later given the election? >> i think that's right, but i don't think they want to make a mistake here. let's just presume, for example, that the august -- the july print that we get on payrolls is 150, and unemployment ticks down again to 8.1. i'm not sure they are clear on how weak the momentum of the economy, how much it is to the downside right here. i think there are legitimate questions about that among certain federal reserve members and waiting until things are clear, especially this close to the election, makes a lot of sense maria. >> thank you, we'll take a short break, drum roll please, as you can see we're minutes away from apple's quarterly results. this could be a market mover. it's the report everybody is waiting for. we'll have analysis from silicon
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welcome back, a busy day on wall street. we're minutes away from easternings on apple. let's get a preview right now. we have davour apple watchers, what's the key numbers? >> 30 and 16. a lot of them are around 28 million on their estimates, and the ipad, 16 million. some of the independents expect something closer to 20, so if we get close to 30 and 16 or above we could see a beat again. >> did you want this company typically always take the expectations way down and then blow the cover off the ball? >> i don't think there will be a
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change. most likely having a beat for june, then guiding things down for september. some of the early data points going into the call, what we had earlier today from at&t with lower smart moan sale lgs there a little bit of a concern, and we have seen inputs from others. all of those gave indications that we could be seeing a slows for the growth rate for smart phones. >> we want to push your company to the stock right here, the results imminent and the stock is tanking. we'll get you the numbers as they come across. you see active trading at the end of the day here as the market is awaiting these numbers to come out, $35 billion in revenue is the number and that
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would be a miss. $35 billion is what we're getting here. $9.32 is the number on apple. looks like a miss of revenues and apple. what's your reaction to the numbers? >> i think people were prepared for a top line miss, but this is a bit extreme on that front, and gross margins were not enough to stave the stock in this case. people will argue they should get a pass because the next iphone is coming, but this is now a miss two quarters ahead of that verses last year that was just one quarter. now since we lost steve jobs at the helm we have two misses from apple, very uncharacteristic, and it's something investors should pay attention to. >> we're waiting for the numbers. >> i have that for you. >> here is what we're looking at, the iphone numbers, 26
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million, that's below ann list consensus. the ipad number is 17, that's better than several we're looking for. the mac number is 4 million, the ipod number is 6.8 million. gooins is 34 billion in the first kal fourth quarter, and so adding to 34 billion in revenue, it came in at 35, that's the least that they've beat their own guidance for in the time that i can remember. so i'm very interested -- that's all on iphone, it will be interesting to hear what it is. it has to be a slow down, possibly in china, because the at&t numbers were down. last quarter apple did 35 million. iphones to come down to 26, that's quite a bit. >> does it bother you, david,
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does it matter to you that they beat their own expectations but they missed wall streets? >> it's what they do versions the street that really matters. i think the be question here for apple is to what extend have we seen consumers on a roll by basis go on a buyers strike as far as the iphone concern. it won't be coming out, potentially, until october. so it says we had a miss in june, september arguably could be weak, always obviously the iphone introduction could help. but apple is falling victim to the global economy and the effect on smart phone sales growth. >> what about the fact that this is two quarters in a row here that it's not up to the market's expectation post steve jobs'
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death. does it concern you? >> it does. >> the world's largest -- consumer economic environment with intensifying competition, you know, apple is being outsold android, and their selling at zero margin, i'm speaking at the google next sus tablet being fielded at cost. right now they're recommending that investors play the smart phone and tablet phenomenal through companies like companies that reported a beat earlier. that gives you a diversified play on apple and competitors like samsung. >> that's a great point. john ford, what else do we need to be focused on here? the numbers here and overall
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revenue? >> it's really all about the iphone here. we expect that margins will be down quite a bit because usually it's right on iphone. they decleared a dividend of $2.65 a share. that's expected. we want to hear the commentary on if they think the anticipation for the next iphone has built up and people are holding off on buying the iphone 4 s, or if it's a broader slow down in asia starting to affect apple in that market. that has become apple's most important growth market and the issue there is will affect the company across the product lines, maria. >> okay, we'll keep following that. let me bring in gene munster. it's a little closer to your expectations, gene, what do you make of in quarter? >> i think it's just disappointed on the iphone number, we were looking for 29
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million units. they did better on the ipad. i had the iphone number wrong, i think this is deja vu to what we saw in september last year. and it's going to be really hard to break out how much of this is macro related. i know we have talked about the macro impact, and how much is related to an iphone five slow down. we're finimeasuring the number tweets per minute and that has gone up. i think it's going to be tough to break down. at the end of the day it was a disappointment, but this is what investors were hoping for was the chance to buy ahead of it before -- >> is that the call here? >> absolutely. you're going to have lining wrapped around every major mall in america when this thing comes out, and people will be hoping for the opportunity they have today to own this.
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we just did a survey, and 94% of iphone user wills buy another iphone. it gets to half of them in fiscal 13 are already in the bag. yes it's a disappointment, but at the end of the day this is really your opportunity. i think it's rare to get chances like this on apple and this is one of them. >> david, would you agree with that call? >> i think it's a good time to buy apple, people have big expectations that the december quarter for apple will be huge, but to the extent that we might have a june quarter miss and a possibly weak september saying this buying window may extend bigger than what gene is thinking. don't rush out to buy apple tonight or tomorrow, see how it will go to ought. >> we'll leave it there. thank you, we have a lot going on here on the "closing bell."
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we have an situation on apple stock trading down and iphone miss. also in the quarter we have the federal reserve coming out and saying they may provide new stimulus as early as next week. we'll take a short break. the news taking investors by surprise with the stock down in the extended hours. i don't spend money on gasoline.
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welcome back, we return to to the story of the hour, apple earnings missing estimating. the stock down as the company missed earnings revenue and iphone expectations. john ford in san jose right now, and also our apple watchers. gene munster is also with us. he was looking for higher revenues. david crudla owns 20,000 shares of apple. david, what are you expecting to do tomorrow morning or tonight based on these numbers? >> it will drive the stock price down and we think it is a buying opportunity. it may be that the apple 5 s is two quarters ahead -- or with
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the 4s we saw the impact on sales a quarter before with the iphone 5. we're seeing it two quarters ahead with the potential october release. but if you look at what iphone sales have done in asia, china, and they're category killer in the other areas, we still see a good sect half for apple. >> what about the reasons, david geherty? is it invasion stopping post steve jobs' passing? this is two quarters in a row. >> i any you have to look at developed countries, specifically in europe. i think the extent that unemployment rates are ratcheted up, the youth demographic.
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if people are rioting in the streets because they can't get jobs, it's because they don't have enough money to go out and buy an iphone. i think that predominantly is the major consideration. secondly, question. you can't under estimate those and the fact that to the extent that the materials, the software is being given for free from google. that is an edge they have to respond to in the marketplace. apple's road going forward is more challenging that what we have seen in the last two-three years. if i'm holding it after such a huge run up, knowing that things are getting tougher? >>. >> i think there is better visibility in the economic outlook. i think the negatives are
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pointed out. the company whether we get the iphone 5s and whatever they call it in october, it's still two quarters behind android phones right now. samsung has the hottest selling phone on the market and is very dangerous. so you have an accelerating story on the top line, and it's difficult for a stock to produce in this environment. >> maria, looking through some of the numbers here in apples spread sheet they released, and one of the things they break off is the geographies on mac units. very interesting to me that the mac is down 23% in units and down 22% in revenue revenue.
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i wonder if that points to asia really slowing down and that weakness in mac sales. >> that's a good point, obviously pcs verses mobile devices, very different. you look at the mobile fatih trend outpacing pcs, let me bring back gene munster here, do you agree with what's being said? is it a slow down story here? or has innovation been impacted? >> innovation has not been impacted. just a couple bit of perspective, i think if you look at the september quarter they missed, that was because of the iphone slow down ahead of the 4 s. in the december quarter, the
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original street estimates was for 26 million iphones and they did 37, they blew it out of the water, so if we go back and watch, we're as equally as worried. i would have the offer the perspective this is not two quarters of misses under the watch of time cooke. this is more consumers becoming more and more aware of what's going on in their products. and the september quarter, who cares at this point? they will have the iphone numbers out before they report the september quarter. the bet you're making is that the iphone five will not be a success and that's the bet i don't want to make. >> so you really want to focus on the iphone 5 because that will be the upgrade. got it, gene, thank you so much. appreciate everybody's time
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tonight. the stock is down almost 5% right here and could set the tone for technology tomorrow. we heard from the federal reserve ten minutes before the close tonight that if growth does not pick up soon they will be there with more stimulus next week or september. got to believe that it's probably sooner rather than later. a short break and then apple's miss could weigh in tomorrow. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade.
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>> we welcome you back to the program. -- to lock down. if markets tomorrow. a tsh. .
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rsh -- well, did you just ask. waiting about it. -- the apple numbers so far about the economies. slowing and the answer is. -- that is the reason peter, that the federal reserve and the -- today. ten minutes to four about right before the close. the fed will be there. and probably provide new stimulus. either next week.
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>> making the report. >> the only thing keeping this market up is the hopes that the fed would do something on august first. the fundamentals of the economy globally, is collection of earnings to the downside, what i think is going to continue to be the downside in the second half calls for a lower stock market. if the fed throws a party and nobody shows up, i think people should be very concerned. at the end of the day, if earnings will drive where stocks go, irrespective of what the fed is going to try to do. >> this commentary. you said in the high yield. >> i would guess, no.
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because -- and while the fed is going to do their best to list asset prices but we have seen with other central banks is that the sugar high just flames out really quickly. and this is going to be another case of that. all you can do is look at apple. people are selling apple because of the earnings myth and they're not paying attention to what the fed is going to do. >> i was the one that made the reference to the high dividend paying stocks. the fed is forcing people into them. >> if the fed is going make these loans and you don't see positive reaction, that is what you have got pay attention to. >> all right. thank you so much. we w be watching peter and gary. so many times. >> thank you very much.
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you want to come with the proper impact of apple. the power chair. the nasdaq 100. the biggest waiting about 18% is now 1.5%. a huge etf and obviously that's all apple in the qqq after hours. back to you. >> triple qs getting the impact. we will take you to a break and apple earnings maybe disappointing but the company's long term future still looks very strong. stay with us. [ male announcer ] when a major hospital
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>> one of america's largest instances demanding a six year wage. put the final nail in the union coffin. >> welcome back. finally today, my observation on the monster trend that is not slowing down and that is mobility. apple's disappointing results tonight. last hour not with standing. a trend that is now an unstoppable train. how fast mobility has spread across the globe. right now there are five billion mobile phones across the plannic.
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such as china with one and a half billion people. that was pure science fiction. now they're putting what is a global inpsych low paid ya in our pockets. that's another opportunity, certainly. eric schmidt told us that the internet has four legs to the
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spool. amazon, google, facebook and apple. tonight, aping stock is under pressure. let's take a look at the day on wall street. wick market. the dow putting the worst three days deline since early june. >> all lost ground led by weakness in tell cons and energy. apples earnings could weigh on the nasdaq first thing tomorrow


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